bankruptcy

noun

1. a state of complete lack of some abstract property

- spiritual bankruptcy

- moral bankruptcy

- intellectual bankruptcy

Definition categories: state, failure

2. inability to discharge all your debts as they come due

- the company had to declare bankruptcy

Similar word(s): failure

Definition categories: state, insolvency

3. a legal process intended to insure equality among the creditors of a corporation declared to be insolvent

Definition categories: act, proceeding, proceedings